#1RA 1972.360 EXESSO as Paycor Investor Presentation Q4 FY'23#2Disclaimer Paycor HCM, Inc.'s (together with its subsidiaries, "Paycor" or the "Company") fiscal year ends on June 30. References to "fiscal 2022" or "FY'22" refer to the fiscal year ended June 30, 2022. References to "fiscal 2021" or "FY'21" refer to the fiscal year ended June 30, 2021. References to "fiscal 2020" or "FY'20" refer to the fiscal year ended June 30, 2020. References to "fiscal 2019" or "FY'19" refer to the arithmetic sum of the results of (i) Paycor, Inc., the Company's accounting predecessor, for the period of July 1, 2018 through November 1, 2018 and (ii) the Company for the period of November 2, 2018 to June 30, 2019. These FY'19 figures do not represent "pro forma" amounts prepared in accordance with SEC rules and regulations, including Article 11 of Regulation S-X. Any references to a year not preceded by fiscal or FY refers to a calendar year. Forward-Looking Statements This presentation contains forward-looking statements that reflect the Company's current expectations and projections with respect to, among other things, its financial condition, results of operations, plans, objectives, future performance and business. These statements may be preceded by, followed by or include the words "anticipate," "estimate," "expect," "project," "plan," "intend," "believe," "may," "will," "should," "can have," "likely," outlook," "potential," "targets," "project," "contemplates" and the negatives thereof and other words and terms of similar meaning. All statements other than statements of historical fact are forward-looking statements. The inclusion of forward-looking statements should not be regarded as a representation by the Company, or any other person that the future plans, estimates, or expectations contemplated by the Company will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions relations to the Company's operations, financial results, financial condition, business, prospects, growth strategy, and liquidity. Accordingly, there are, or will be, important factors that could cause the Company's actual results to differ materially from those indicated in these statements. We believe that these risks include, but are not limited to: our ability to manage our growth effectively; the potential breach of our security measures or unauthorized access to our customers' or their employees' personal data; the expansion and retention of our direct sales force with qualified and productive persons and the related effects on the growth of our business; the impact on customer expansion and retention if implementation, user experience, customer service, or performance relating to our solutions is not satisfactory; the timing of payments made to employees and taxing authorities relative to the timing of when a customer's electronic funds transfers are settled to our account; future acquisitions of other companies' businesses, technologies, or customer portfolios; the continued service of our key executives; our ability to innovate and deliver high-quality, technologically advanced products and services; our ability to attract and retain qualified personnel; the proper operation of our software; our relationships with third parties; the ongoing effects of inflation, supply chain disruptions, labor shortages and other adverse macroeconomic conditions in the market in which we and our customers operate; the impact of an economic downturn or recession in the United States or global economy; and the other risks described in our Annual Report on Form 10-K for the year ended June 30, 2022, as well as in our other filings with the Securities and Exchange Commission. You should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations and assumptions reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We undertake no obligation to publicly update any forward-looking statement after the date of this presentation, whether as a result of new information, future developments or otherwise, or to conform these statements to actual results or revised expectations, except as may be required by law. Market and Industry Data Unless otherwise indicated, information in this presentation concerning economic conditions, the Company's industry, the Company's markets, and the Company's competitive position is based on a variety of sources, including information from independent industry analysts and publications, as well as the Company's own estimates and research. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. While the Company believes the information presented is generally reliable, forecasts, assumptions, expectations, beliefs, estimates, and projections involve risk and uncertainties and are subject to change based on various factors. Non-GAAP Financial Measures This presentation contains financial measures, such as Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Gross Profit Excluding Depreciation and Amortization, Adjusted Gross Profit Margin Excluding Depreciation and Amortization, Adjusted Sales and Marketing Expense, Adjusted General and Administrative Expense, Adjusted Research and Development Expense, and Adjusted Free Cash Flow, which are not recognized under generally accepted accounting principles in the United States ("GAAP"). The Company believes that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other companies. Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Gross Profit Excluding Depreciation and Amortization, Adjusted Gross Profit Margin Excluding Depreciation and Amortization, Adjusted Sales and Marketing Expense, Adjusted General and Administrative Expense, Adjusted Research and Development Expense, Adjusted Free Cash Flow, and Adjusted Free Cash Flow Margin have limitations as an analytical tool, and you should not consider this measure either in isolation or as a substitute for other methods of analyzing the results as reported under GAAP. A reconciliation of Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Gross Profit Excluding Depreciation and Amortization, Adjusted Gross Profit Margin Excluding Depreciation and Amortization, Adjusted Sales and Marketing Expense, Adjusted General and Administrative Expense, Adjusted Research and Development, Adjusted Free Cash Flow, and Adjusted Free Cash Flow Margin to the most directly comparable GAAP financial measure can be found at the end of this presentation. 2#3Paycor Investment Highlights $35B underserved market with strong growth potential $553M FY'23 revenue 29% revenue growth 22% sales force growth 2023 PAYROLL SOFTWARE MARKET LEADER Software Advice FRONT RUNNERS 2023 [6] Leader Mid-Market WINTER 2023 30+ years in business 30,000+ clients with 2.5m+ employees on the platform. Subscription-based business model with 94% FY'23 recurring revenue Capterra SHORTLIST 2023 TOP WORK PLACES 2023 USA Award-winning software and culture TOP WORK PLACES 2022 DE&I PRACTICES TOP WORK PLACES 2023 INNOVATION 111 Org Cat & Drectory C - Who We Are As a leading provider of Human Capital Management (HCM) software for SMBs, we empower leaders to build winning teams by modernizing people management. Paycor Home Company Employee Reporting Me Recurs Good Afternoon, Mich Sumay Mary Co MY TEAM (23 RA na View Al Next Up Lirere ME> New Applicants Q 20 View My Suces Team DATA ALERTS 2 Missing Employee info PUNCH CLOCK 02:34:2 CREATE PUNC Recent Punches ●08:00AM ● oute ●INGRAM Ted Change per Employen Direct Co East Sams 3#4SMB Opportunity is massive and Growing $44B Projected TAM -61M U.S. SMB 10-1000 employees x $60 Future List PEPM $35B Current TAM ~61M U.S. SMB 10-1000 employees x $48 List PEPM (¹) <2% PYCR market share(2²) Modern HCM platforms comprise a small portion of the market Source: U.S. Bureau of Labor Statistics, National Business Employment Dynamics Data by Firm Size Class: May 2023. (1) Sources: BLS data, # of U.S. employees at firms with 10-1000 employees through Q1 2022 multiplied by our list per-employee per-month ("PEPM") rate as of August 16, 2023 for our full suite of products. (2) Represents Paycor revenue for the fiscal year ended June 30, 2023. 4#5We are Laser Focused on Employees 5,000+ 1,000 IDD 10 ENTERPRISE MID-MARKET SMALL MICRO Average employees per company paycom Modern paylocity Winning Paycor Share in the SMB Segment AP Vantage HCM Workforce Now run Legacy PAYCHEX REGIONAL & IN-HOUSE Paycor Advantage (8) 8 Designed for leaders Configured by industry Cloud-based Unified, extensible platform. Modern user experience 5#6Our Gerry Enps pe Cest frieb ayon kycia que vam ne va TINKAY MEWS www Disruptive SaaS Platform is Differentiated Single Pane of Glass Wiccome to your endlovce pono M-4% A Company Planc - you Con AB Wetwas Adam, MANI aps I walk aw P pa JED -wit T kupon ( ) ( . M G Var 3 Damity OD 3 ( BAIX 1 KOWIE Dames - LOT Hon Panavas NIGE N LIVRE k QUEDO FPS CMENTE PUHO 02:38:18PM (phile. wal RCE MANAGEMENT Workforce Management TIME SCHEDULING Unrivaled Product Depth EMPLOYEE EXPERIENCE HCM Corfor Leaders ONBOARDING HR-WALLET PAYROLL ACA-REPORT BUILDER ANALYTICS MOBILE PULSE COMPENSATION EXPENSES. DEVELOPER PORTAL Benefits Administration BENEFITS ADVISOR BENEFITS ADMINISTRATION Talent Management TALENT MANAGEMENT RECRUITING TALENT DEVELOPMENT LEARNING MANAGEMENT CAREER MANAGEMENT Open, Unified and Interoperable Platform 9.2 Ben Admin ERP Paycard General Ledger Job Board 300+ Partner Ecosystem 401k Extensive API Library Enables Rapid, Deep Integrations Interoperability Engine Paycor HCM Data Model Cloud Agnostic Data Storage POS 6#7Leaders Drive Engagement and Engagement Drives Results Paycor modernizes people management, so leaders can focus on what really matters: Building winning teams that deliver results. Talent Management Onboard, Motivate, Develop Benefits Administration Wellness as an Advantage A WA 2 02:34:2 Recent haches PURPOSE-BUILT FOR Leaders Workforce Management Optimize Labor Spend Employee Experience Build Inclusive Cultures 7#8Our Robust Industry Program Paycor GUIDE Welcome to Guide Elite Overview was THE Community Robust user network with industry-specific thought leadership, user groups and online community Catamas prak CORNER by Paycor of stan, Banesat BE ED BBB + d@ We pl Industry Customer Experience Industry-skilled implementation and service experts providing a seamless transition and ongoing support Ⓡ 1 PUNCHIDO 02:20:19 Product Differentiation Customized organic software with key partner integrations designed for industry leaders Healthcare Recruit and hire skilled nurses, scheduling, and reporting to meet PBJ requirements Restaurants Attract employees with quick hire capabilities and retain them with On Demand Pay Manufacturing. Optimize shift coverage with flexible time collection options and easily claim hiring credits Professional Services Engage employees with Talent Management and analyze company performance with robust Analytics Key Integrations Scheduling Compliance Ben Admin Key Integrations POS OnDemand Pay ATS Key Integrations ERP Certified Payroll WOTC Key Integrations Job Boards Benefits 401K 8#9Powered by a Scalable and Efficient Go-to-Market Engine Sales Expansion Focused on Tier 1 Markets Expanding from Midwest roots in top U.S. cities ● • 22% sales force growth to >550 sales associates in FY'23 ● 13% FY'19 Tier 1 Sales Coverage 18% FY'20 (1) For period ended June 30, 2023. 20% FY'21 28% FY'22 36% FY'23 >50% SMB TAM in Top 50 Cities 33% of the US population is in Tier 1 Markets Source of Bookings 75% from legacy incumbents (1) Expansive broker channel ● In-house Regional ADP PAYCHEX New Cloud 9#10Expanding our $35 Workforce Management Benefits Administration Talent Management HCM Cor our Product Portfolio and PEPM Opportunity FY'21 $48 Workforce Management Benefits Administration Talent Management HCM Cor Current (1) Building an Unrivaled Talent Management Suite Framework and tools to transform frontline managers into leaders that drive results. By learning to more effectively Coach, Optimize, and Retain their associates, leaders can unlock the potential of their people and performance. Applicant Tracking, Paycor Smart Sourcing, Micro Learning, OKRs Expanding HCM (or Universal Functionality Comprehensive suite of HCM tools that automate routine tasks, mitigate compliance risks and drive efficiencies spanning HR, onboarding, payroll, compensation, surveys, expenses, reporting and analytics. Pulse Surveys, Advanced Analytics, OnDemand Pay, Paycor Engage (1) Represents our list per-employee per-month ("PEPM") rate as of August 16, 2023 for our full suite of products. 10#11Qt & FY23 Highlights 18 Revenue Growth Delivered 26% revenue growth for the quarter and 29% for the year, driven primarily by strong new client growth and continued PEPM expansion. HCM Suite & PEPM Expansion Effective PEPM increased 11% year-over-year, driven by cross-sales, pricing initiatives, and higher bundle adoption at the point of sale. Sales Coverage Expansion Increased seller headcount growth by 22% and Tier 1 sales coverage from 28% to 36% this year. Margin & FCF Expansion Expanded adjusted operating income margins ~300 bps this quarter and generated over $19 million in adjusted free cash flow, resulting in $10 million of adjusted free cash flow for the year. 11#12Strong Revenue Performance Y/Y Growth $291 || FY'19 $328 18% FY'20 13% $353 FY'21 Total Revenue 8% $429 FY¹22 22% $553 $111 29% FY¹23 I Q4 FY'22 Q4 FY'23 $140 26% 26% Adjusted Gross Profit Excluding D&A Adjusted Gross Profit Margin Excluding Depreciation & Amortization 77% FY'19 $224 76% FY'20 $248 77% FY'21 $272 77% FY'22 $329 79% 77% FY¹23 I Q4 FY¹22 $436 $85 79% Q4 FY¹23 $111 Note: FY'19 actuals are the sum of the GAAP Successor Period (period from November 2, 2018 to June 30, 2019) and GAAP Predecessor Period (period from July 1, 2018 to November 1, 2018), and are reported in such a manner throughout this presentation. $ in millions. Please see Appendix for GAAP to non-GAAP reconciliation. Amounts may not foot due to rounding. 12#13Operating Structure Built to Drive Growth G&A Adjusted Operating Expenses as % of Revenue S&M 58% 15% R&D 14% 29% FY¹19 57% 15% 13% 29% FY'20 56% 16% 10% 29% FY'21 56% 16% 8% 31% FY'22 54% 14% 8% 32% FY¹23 58% 16% 9% 33% 57% 15% 8% 34% Q4 FY'22 Q4 FY¹23 Adjusted Operating Income 14% FY¹19 $42 Adjusted Operating Income Margin 15% 14% FY'20 $46 14% FY¹21 $48 11% FY'22 $47 FY¹23 $83 8% 11% Q4 FY'22 Q4 FY'23 $9 $15 Note: FY'19 actuals are the sum of the GAAP Successor Period (period from November 2, 2018 to June 30, 2019) and GAAP Predecessor Period (period from July 1, 2018 to November 1, 2018), and are reported in such a manner throughout this presentation. $ in millions. Please see Appendix for GAAP to non-GAAP reconciliation. Amounts may not foot due to rounding. 13#14QI & FY'24 Guidance Total Revenue Year-over-year Growth Adjusted Operating Income Adjusted Operating Income Margin Q1 FY'24 $138 to $140 16.6% to 18.3% $9 to $10 6.5% to 7.1% FY'24 $644 to $650 16.5% to 17.6% $97 to $100 15.1% to 15.4% Note: We are unable to reconcile forward-looking adjusted operating income to forward-looking loss from operations, the most closely comparable GAAP financial measure, because the information needed to provide forward-looking loss from operations and to complete a reconciliation is unavailable at this time without unreasonable effort as the Company is currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact loss from operations for these periods but would not impact adjusted operating income. Such items include stock-based and liability incentive expenses and corporate adjustments. $ in millions. 14#15Paycor Is Positioned for Significant. Growth Massive, growing & still underserved market Unified, disruptive HCM platform for SMB leaders BE Multiple, proven growth strategies Attractive subscription model & strong financial profile 15#16Appendix Paycor#17Key Definitions "We," "us," "our," "the Company," "Paycor," and similar references refer to Paycor HCM, Inc., and unless otherwise stated, all of its subsidiaries. "Apax Partners," "Apax," or "our Sponsor" refers to Apax Partners L.P., a global private equity firm, collectively, with its affiliates. "Metropolitan statistical areas" refers to the metropolitan statistical areas delineated by the United States Office of Management and Budget as in effect as of the date of this prospectus. "Net revenue retention" refers to the current quarterly period recurring revenue for the cohort of customers at the beginning of the prior year quarterly period, divided by the recurring revenue in the prior year reporting period for that same cohort. In calculating the net revenue retention for a period longer than a quarter, such as a fiscal year, we use the weighted average of the retention rates (calculated in accordance with the preceding sentence) for each applicable quarter included in such period. "Gross Revenue Retention" is calculated as one minus the prior year respective period recurring revenue for the cohort of customers at the beginning of the prior year respective period who have processed a CLR within the last twelve months, divided by the recurring revenue in the prior year reporting period for the cohort of customers at the beginning of the prior year. "Recurring revenue" refers to, with respect to any period, all recurring service revenues attributable to payroll, workforce management, and HR-related cloud-based computing services. "Tier 1 markets" refers to the 15 most populous metropolitan statistical areas in the United States. "Tier 2 markets" refers to the 15 most populous metropolitan statistical areas in the United States other than Tier 1 markets. "Tier 3 markets" refers to the 20 most populous metropolitan statistical areas in the United States other than Tier 1 markets and Tier 2 markets. "Total bookings" with respect to any period is defined as the aggregate year-one values of all new customer contracts acquired during such period, including new sales to existing clients. Total bookings includes both recurring fees and implementation services. "Total customers" refers to a parent company grouping, which may include multiple subsidiary client accounts with separate taxpayer identification numbers. "Enterprise Segment" customers with 1,000+ EEs "Mid-Market Segment" or "MM Segment" customers with 50-999 EES "Small Market Segment" or "SM Segment" customers with 10-49 EEs "Micro Segment" customers with 1-9 EES "PEPM" refers to per-employee-per-month, whereby our revenue is derived from the number of employees of a given customer, and the amount, type, and timing of products provided to a customer's employees 17#18Non-GAAP Financial Measures Adjusted Gross Profit and Adjusted Gross Profit Margin: We define Adjusted Gross Profit as gross profit before amortization of intangible assets, stock-based compensation expense, and other certain corporate expenses, in each case that are included in costs of recurring revenues. We define Adjusted Gross Profit Margin as Adjusted Gross Profit divided by total revenues. Adjusted Gross Profit Excluding D&A and Adjusted Gross Profit Margin Excluding D&A: We define Adjusted Gross Profit Excluding D&A as gross profit before amortization of intangible assets, stock-based compensation expense, other certain corporate expenses and depreciation and amortization, in each case that are included in costs of revenues. We define Adjusted Gross Profit Margin Excluding D&A as Adjusted Gross Profit Excluding D&A divided by total revenues. Adjusted Operating Income and Adjusted Operating Income Margin: We define Adjusted Operating Income as loss from operations before amortization of acquired intangible assets and naming rights, stock-based compensation expense, exit cost due to exiting leases of certain facilities, and other certain corporate expenses. We define Adjusted Operating Income Margin as Adjusted Operating Income divided by total revenues. Adjusted Operating Expenses: We define Adjusted Sales and Marketing expense as sales and marketing expenses before amortization of naming rights, stock-based compensation expense, and other certain corporate expenses. We define Adjusted General and Administrative expense as general and administrative expenses before amortization of acquired intangible assets, stock-based compensation expense, exit cost due to exiting leases of certain facilities and other certain corporate expenses. We define Adjusted Research and Development expense as research and development expenses before stock-based compensation expense and other certain corporate expenses. Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin: We define Adjusted Free Cash Flow as cash provided (used) by operating activities less the purchase of property and equipment and internally developed software costs, excluding other certain corporate expenses, which are included in cash provided (used) by operating activities. We define Adjusted Free Cash Flow Margin as Adjusted Free Cash Flow divided by total revenues. Note: Other certain corporate expenses presented include one-time costs related to acquisitions, including the Apax acquisition, restructuring costs, professional, consulting and other costs, secondary offering costs, transition of the new executive leadership team, closure of a standalone facility, costs associated with becoming a public company, implementation of a new enterprise-resource planning system, and implementing certain expense saving initiatives as a result of the COVID-19 pandemic. 18#19Updated GAAP to Non-GAAP Reconciliation Revenue Gross Profit Gross Profit Margin Amortization of intangible assets Stock-based compensation expense Corporate adjustments Adjusted Gross Profit Adjusted Gross Profit Margin Amortization of deferred contract costs Amortization of capitalized software Depreciation Adjusted Gross Profit, Excluding D&A Adjusted Gross Profit Margin, Excluding D&A Three Months Ended June 30, 2023 $140.0 $91.6 65.4% $1.5 $2.3 $0.0 $95.5 68.2% $7.5 $7.8 $0.5 $111.2 79.4% Three Months Ended June 30, 2022 $111.0 $70.7 63.7% $1.3 $1.4 $0.0 $73.4 66.1% $5.1 $6.0 $0.5 $85.1 76.6% Reconciliation to Adjusted Gross Profit Excluding D&A Fiscal Year Ended June 30, 2023 $552.7 $365.6 66.1% $5.3 $9.1 $0.0 $380.0 68.7% $26.1 $28.1 $1.8 $435.9 78.9% Fiscal Year Ended June 30, 2022 $429.4 $261.2 60.8% $19.3 $6.6 $0.0 $287.2 66.9% $17.3 $22.1 $2.6 $329.2 76.6% Fiscal Year Ended June 30, 2021 $352.8 $198.3 56.2% $46.1 $0.5 $0.0 $244.9 69.4% $10.6 $13.8 $2.6 $271.9 77.1% Fiscal Year Ended June 30, 2020 $327.9 $188.2 57.4% $42.9 $0.6 $1.7 $233.4 71.2% $5.7 $6.9 $2.5 $248.4 75.8% Fiscal Year Ended June 30, 2019 Note 1: $ in millions. Amounts may not foot due to rounding. Note II: FY'19 actuals are the sum of the non-GAAP Successor Period (period from November 2, 2018 to June 30, 2019) and non-GAAP Predecessor Period (period from July 1, 2018 to November 1, 2018), and are reported in such a manner throughout this presentation. $ in millions. Amounts may not foot due to rounding. $291.5 $182.0 62.4% $28.1 $0.4 $0.3 $210.7 72.3% $5.8 $5.5 $2.3 $224.4 77.0% 19#20GAAP to Non-GAAP Reconciliation (cont'd) Loss from Operations Operating Margin Amortization of intangible assets Stock-based compensation expense Liability incentive award compensation expense Loss on lease exit Corporate adjustments Adjusted Operating Income Adjusted Operating Income Margin Three Months Ended June 30, 2023 ($31.7) (22.6%) $25.8 $20.2 $0.0 $0.1 $1.0 $15.4 11.0% Three Months Ended June 30, 2022 ($30.1) (27.1%) $22.4 $16.1 $0.0 $0.1 $0.8 $9.2 8.3% Reconciliation to Adjusted Operating Income Fiscal Year Ended June 30, 2023 ($104.7) (18.9%) $98.2 $78.2 $0.0 $1.8 $9.0 $82.6 14.9% Fiscal Year Ended June 30, 2022 ($139.6) (32.5%) $102.0 $71.4 $0.0 $9.1 $4.7 $47.5 11.1% Fiscal Year Ended June 30, 2021 ($89.3) (25.3%) $125.6 $4.2 ($0.2) $0.0 $7.7 $48.0 13.6% Fiscal Year Ended June 30, 2020 ($94.7) (28.9%) $120.9 $4.9 $3.1 $0.0 $12.1 $46.3 14.1% Fiscal Year Ended June 30, 2019 Note 1: $ in millions. Amounts may not foot due to rounding. Note II: FY'19 actuals are the sum of the non-GAAP Successor Period (period from November 2, 2018 to June 30, 2019) and non-GAAP Predecessor Period (period from July 1, 2018 to November 1, 2018), and are reported in such a manner throughout this presentation. $ in millions. Amounts may not foot due to rounding. ($105.2) (36.1%) $80.1 $6.6 $29.0 $0.0 $31.5 $41.9 14.4% 20#21GAAP to Non-GAAP Reconciliation (cont'd) Sales and Marketing Expense Amortization of intangible assets Stock-based compensation expense Liability incentive award compensation expense Corporate adjustments Adjusted Sales and Marketing Expense % of Revenue General and Administrative Expense Amortization of intangible assets Stock-based compensation expense Liability incentive award compensation expense Loss on lease exit Corporate adjustments Adjusted General and Administrative Expense % of Revenue Research and Development Expense Stock-based compensation expense Liability incentive award compensation expense Corporate adjustments Adjusted Research and Development Expense % of Revenue Three Months Ended Three Months Ended June 30, 2023 June 30, 2022 $56.5 ($1.1) ($8.0) $0.0 $0.0 $47.4 33.8% $52.4 ($23.2) ($7.3) $0.0 ($0.1) ($1.0) $20.9 14.9% $14.3 ($2.6) $0.0 $0.0 $11.8 8.4% $42.7 $0.0 ($6.1) $0.0 $0.0 $36.6 32.9% $45.1 ($21.1) ($5.5) $0.0 ($0.1) ($0.8) $17.6 15.9% $13.0 ($3.0) $0.0 $0.0 $10.0 9.1% Reconciliation of Adjusted Operating Expenses Fiscal Year Ended June 30, 2023 $212.1 ($3.9) ($32.4) $0.0 $0.0 $175.8 31.8% $203.9 ($89.0) ($27.1) $0.0 ($1.8) ($9.0) $77.0 13.9% $54.3 ($9.6) $0.0 $0.0 $44.6 8.1% Fiscal Year Ended June 30, 2022 $170.6 $0.0 ($35.5) $0.0 ($0.1) $135.1 31.5% $187.0 ($82.6) ($22.5) $0.0 ($9.1) ($4.6) $68.2 15.9% $43.1 ($6.8) $0.0 $0.0 $36.4 8.5% Fiscal Year Ended June 30, 2021 $106.1 $0.0 ($1.4) $0.1 ($1.1) $103.7 29.4% $145.5 ($79.5) ($2.2) $0.0 $0.0 ($6.5) $57.3 16.3% $36.0 ($0.1) $0.0 ($0.1) $35.9 10.2% Fiscal Year Ended June 30, 2020 $100.0 $0.0 ($1.7) $0.0 ($2.5) $95.8 29.2% $137.1 ($78.0) ($1.9) ($3.1) $0.0 ($6.5) $47.7 14.5% $45.9 ($0.8) $0.0 ($1.5) $43.6 13.3% Fiscal Year Ended June 30, 2019 Note 1: $ in millions. Amounts may not foot due to rounding. Note II: FY'19 actuals are the sum of the non-GAAP Successor Period (period from November 2, 2018 to June 30, 2019) and non-GAAP Predecessor Period (period from July 1, 2018 to November 1, 2018), and are reported in such a manner throughout this presentation. $ in millions. Amounts may not foot due to rounding. $87.1 $0.0 ($2.3) $0.0 $0.0 $84.9 29.1% $158.9 ($52.0) ($3.0) ($29.0) $0.0 ($30.8) $44.2 15.1% $41.1 ($1.0) $0.0 ($0.4) $39.7 13.6% 21#22GAAP to Non-GAAP Reconciliation (cont'd) Net cash provided (used) by operating activities Purchase of property and equipment Internally developed software costs Corporate adjustments Adjusted Free Cash Flow Adjusted Free Cash Flow Margin Three Months Ended June 30, 2023 $31.7 ($1.8) ($11.7) $1.0 $19.3 13.8% Three Months Ended June 30, 2022 $12.7 ($0.1) ($8.1) $0.8 $5.3 4.7% Reconciliation to Adjusted Free Cash Flow Fiscal Year Ended June 30, 2023 $48.1 ($5.0) ($42.3) $9.0 $9.8 1.8% Fiscal Year Ended June 30, 2022 $24.4 ($2.0) ($30.8) $4.7 ($3.8) (0.9)% Fiscal Year Ended June 30, 2021 $10.8 ($3.3) ($22.0) $7.7 ($6.8) (1.9)% Fiscal Year Ended June 30, 2020 $0.1 ($7.8) ($18.8) $12.1 ($14.4) (4.4)% Fiscal Year Ended June 30, 2019 Note I: $ in millions. Amounts may not foot due to rounding. Note II: FY¹19 actuals are the sum of the non-GAAP Successor Period (period from November 2, 2018 to June 30, 2019) and non-GAAP Predecessor Period (period from July 1, 2018 to November 1, 2018), and are reported in such a manner throughout this presentation. $ in millions. Amounts may not foot due to rounding. ($12.6) ($1.9) ($18.8) $31.5 ($1.8) (0.6)% 22